Which of the following statements regarding insurance is correct?

a.

Life insurance should be acquired when you are young when it is less expensive, even if you don't have any dependants.

b.

The risk of loss can be so devastating to your wealth that you cannot ever have too much insurance.

c.

Young people without any wealth of dependants have no need for insurance.

d.

All individuals, regardless of age and current wealth will require some type of insurance.

A house for sale is listed at $315,000 and you manage to win the competitive bid with an offer of $312,000. The appraisal indicates the value at $295,000. What will be the conventional mortgage loan amount approved by the bank?

a.

$221,840

b.

$236,000

c.

$249,600

d.

$252,000